# Kakaku.com,Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2025/04/01－2026/03/31) (S100YBGN)
> Page: https://vizora.meequs.com/en/company/kakaku-com
> Retrieved: 2026-09-30T21:35:54.864Z

## Company

Kakaku.com, founded in 1997, is a company in Internet Services & Apps listed on TSE Prime. It has 1,421 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kakaku.com,Inc. |
| Ticker | 2371 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2371.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区恵比寿南三丁目5番7号 |
| Representative (per filing) | 代表取締役社長 村上 敦浩 |
| Founded | Dec 1997 |
| Share capital | ¥916M |
| Employees (consolidated) | 1,421 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | corporate.kakaku.com (https://corporate.kakaku.com/) |
| Corporate number | 9011001065997 |
| EDINET | E05350 |
| Industries (Vizora) | Internet Services & Apps, HR & Staffing |

> Profile source: annual securities report (S100YBGN, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.3 | 40 |
| Profitability | 97.1 | 51 |
| Cash conversion | 33.7 | 43 |
| Efficiency | 49 | 52 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 43% of Kakaku.com's sales come from Tabelog, with kakaku.com and Kyujin Box making up much of the rest.
- Out of every ¥100 of sales, about ¥29 is left as operating profit.
- Revenue changed +20.0% from the prior year, operating profit -7.0%.

## Company structure

- Segment revenue mix: Tabelog 42.8%、kakaku.com 25.1%、Kyujin Box 21.5%、Incubation 10.7%
- Revenue → net income: ¥94127000000 → ¥18854000000
- Net income → operating cash flow: ¥18854000000 → ¥25354000000（difference ¥6500000000）
- Main uses of operating cash flow: CapEx ¥2691000000 / dividends ¥15820000000 / buybacks —
- Change in cash: ¥-4391000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥94.1B |  |
| Operating income | ¥27.2B | Margin 28.9% |
| Net income | ¥18.8B | Margin 20.0% |
| Free cash flow | ¥22.7B |  |
| Largest business | Tabelog | of segment revenue 42.8% |
| Employees (consolidated) | 1,421 |  |
| EPS | ¥95.05 |  |
| Diluted EPS | ¥95.02 |  |
| Book value per share | ¥308.38 |  |
| Equity ratio | 70.3% | Derived from disclosed figures |
| Shares outstanding | 198,218,300 |  |
| Treasury shares | 382,000 |  |
| Shareholders | 9,827 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 50.2% | Cash ÷ revenue 49.4% |
| Vs. industry median margin | +21.3 pp | Internet Services & Apps |
| ROE | 29.7% | Derived from disclosed figures |
| ROA | 20.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 50% of total assets
- FY2026, operating income keeps 29 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥51077000000 | ¥94127000000 | +84.3% |
| Operating income | ¥18295000000 | ¥27243000000 | +48.9% |
| Operating margin | 35.8% | 28.9% | -6.9 pp |
| Employees | 1,172 people | 1,421 people | +21.2% |
| Cash and equivalents | ¥34888000000 | ¥46468000000 | +33.2% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| インターネット・メディア事業 → 事業再編・廃止 | 95.1% |
| ファイナンス事業 → 事業再編・廃止 | 4.9% |
| 新設・再編 → 価格．ｃｏｍ事業 | 25.1% |
| 新設・再編 → 食べログ事業 | 42.8% |
| 新設・再編 → 求人ボックス事業 | 21.5% |
| 新設・再編 → インキュベーション事業 | 10.7% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Tabelog | 2 years | +20.2% | ¥40239000000 | 55.2% | 2 |
| kakaku.com | 2 years | +4.2% | ¥23611000000 | 53.1% | 2 |
| Kyujin Box | 2 years | +47.0% | ¥20205000000 | -7.4% | 2 |
| Incubation | 2 years | +12.1% | ¥10071000000 | 27.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 94,127 | 100.0% | S100YBGN |
| Operating income | 27,243 | 28.9% | S100YBGN |
| Pretax income | 27,347 | 29.1% | S100YBGN |
| Income tax | 8,492 | 9.0% | S100YBGN |
| Net income | 18,854 | 20.0% | S100YBGN |
| Net income attributable to owners | 18,803 | 20.0% | S100YBGN |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Operating expenses | 71 |
| Operating income | 29 |
| (Ref.) Net income | 20 |

### Margin funnel

Operating margin 28.9% → Net margin 20.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +20.0%; Core profit growth: -7.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.35×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 78,435 | 94,127 | 15,692 | +20.0% |
| Operating income | 29,293 | 27,243 | -2,050 | -7.0% |
| Net income attributable to owners | 20,032 | 18,803 | -1,229 | -6.1% |
| Operating cash flow | 27,404 | 25,354 | -2,050 | -7.5% |
| Free cash flow | 24,517 | 22,663 | -1,854 | -7.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 43,464 | — | — | 14,812 | 16,337 | — | S100LJ5Z |
| FY ending Mar 2018 | 46,782 | — | — | 15,699 | 16,000 | — | S100O8IJ |
| FY ending Mar 2019 | 54,832 | — | — | 16,697 | 18,291 | — | S100QYX3 |
| FY ending Mar 2020 | 60,978 | 27,217 | 44.6% | 18,348 | 23,997 | 21,294 | S100LJ5Z |
| FY ending Mar 2021 | 51,077 | 18,295 | 35.8% | 11,763 | 17,288 | 15,087 | S100O8IJ |
| FY ending Mar 2022 | 51,723 | 19,147 | 37.0% | 14,294 | 16,033 | 14,259 | S100QYX3 |
| FY ending Mar 2023 | 60,820 | 23,947 | 39.4% | 16,152 | 22,400 | 20,401 | S100TM8G |
| FY ending Mar 2024 | 66,928 | 25,819 | 38.6% | 18,095 | 19,516 | 17,420 | S100VYJ6 |
| FY ending Mar 2025 | 78,435 | 29,293 | 37.3% | 20,032 | 27,404 | 24,517 | S100YBGN |
| FY ending Mar 2026 | 94,127 | 27,243 | 28.9% | 18,803 | 25,354 | 22,663 | S100YBGN |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥66.2M |
| Operating income per employee (consolidated) | ¥19.2M |
| Net income per employee (consolidated) | ¥13.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,238 | 1,361 | 1,381 | 1,381 | 1,421 |
| Average salary (parent company) | ¥6.8M | ¥6.8M | ¥7.1M | ¥7.2M | ¥7.5M |
| Average age (parent company) | 35.8 years | 36.0 years | 36.3 years | 36.9 years | 37.3 years |
| Average tenure (parent company) | 5.3 years | 5.3 years | 5.8 years | 6.3 years | 6.6 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +20.0%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| kakaku.com | 23,611 | 25.1% | 12,548 | 53.1% |
| Tabelog | 40,239 | 42.8% | 22,196 | 55.2% |
| Kyujin Box | 20,205 | 21.5% | -1,486 | -7.4% |
| Incubation | 10,071 | 10.7% | 2,740 | 27.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| kakaku.com | 25.1% | 33.5% | 8.4 | 53.1% |
| Tabelog | 42.8% | 59.2% | 16.5 | 55.2% |
| Kyujin Box | 21.5% | — | — | -7.4% |
| Incubation | 10.7% | 7.3% | -3.4 | 27.2% |

Loss-making segment (excluded from profit shares): Kyujin Box -1,486 JPY mn

Segment → industry: Incubation → Internet Services & Apps / Tabelog → Internet Services & Apps / kakaku.com → Internet Services & Apps / Kyujin Box → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 25,354 | 26.9% | S100YBGN |
| Capital expenditure | 2,691 | 2.9% | S100YBGN |
| Free cash flow | 22,663 | 24.1% | 算出 |
| Investing cash flow | -11,415 | -12.1% | S100YBGN |
| Financing cash flow | -18,374 | -19.5% | S100YBGN |
| Dividends paid | 15,820 | 16.8% | S100YBGN |
| Change in cash | -4,391 | -4.7% | S100YBGN |
| Cash and equivalents | 46,468 | 49.4% | S100YBGN |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 34,298 | 36,453 | 37,702 | 50,859 | 46,468 | S100TM8G, S100VYJ6, S100YBGN |
| Total assets | 70,477 | 78,583 | 83,308 | 93,504 | 92,475 | S100QYX3, S100TM8G, S100VYJ6, S100YBGN |
| Net assets | 48,164 | 48,165 | 51,691 | 62,134 | 65,170 | S100TM8G, S100VYJ6, S100YBGN |
| Share capital | 916 | 916 | 916 | 916 | 916 | S100QYX3, S100TM8G, S100VYJ6, S100YBGN |
| Property, plant and equipment | 2,329 | 2,360 | 2,101 | 2,177 | 2,217 | S100QYX3, S100TM8G, S100VYJ6, S100YBGN |
| Goodwill | 3,590 | 4,069 | 3,985 | 3,539 | 7,391 | S100QYX3, S100TM8G, S100VYJ6, S100YBGN |
| Current assets | 47,044 | 55,472 | 60,692 | 71,541 | 66,760 | S100QYX3, S100TM8G, S100VYJ6, S100YBGN |
| Total liabilities | 22,313 | 30,418 | 31,617 | 31,370 | 27,305 | S100QYX3, S100TM8G, S100VYJ6, S100YBGN |
| Equity attributable to owners of parent | 47,956 | 47,881 | 51,380 | 61,811 | 64,988 | S100QYX3, S100TM8G, S100VYJ6, S100YBGN |
| Retained earnings | 48,621 | 48,136 | 51,186 | 61,701 | 64,506 | S100QYX3, S100TM8G, S100VYJ6, S100YBGN |
| Treasury stock | -2,175 | -1,596 | -1,175 | -877 | -689 | S100QYX3, S100TM8G, S100VYJ6, S100YBGN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100YBGN |
| Property, plant and equipment | 3% | S100YBGN |
| Intangibles and goodwill | 8% | — |
| Other assets | 39% | S100YBGN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100YBGN |
| Equity | 70% | S100YBGN |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 70,477 | 78,583 | 83,308 | 93,504 | 92,475 |
| Equity | 48,164 | 48,165 | 51,691 | 62,134 | 65,170 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 34,298 | 36,453 | 37,702 | 50,859 | 46,468 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 2.4% | S100YBGN |
| Fixed assets ÷ total assets | 2.4% | S100YBGN |
| Goodwill ÷ parent equity | 11.4% | S100YBGN |

Goodwill over 4 years: 3,590 → 7,391 JPY; total investing cash flow: -20,558 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 50.2% |
| Cash ÷ revenue | 49.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 93.1% |
| Cash vs. profit gap | 6,551 JPY mn (of net income 34.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 84.1% |
| Shareholder payments — dividends / FCF | 69.8% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 45.0% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 27.6% | 0.73× | 20.3% | 1.47× | 29.8% | S100QYX3 |
| 2023 | 26.6% | 0.82× | 21.7% | 1.56× | 33.7% | S100TM8G |
| 2024 | 27.0% | 0.83× | 22.4% | 1.63× | 36.5% | S100VYJ6 |
| 2025 | 25.5% | 0.89× | 22.7% | 1.56× | 35.4% | S100YBGN |
| 2026 | 20.0% | 1.01× | 20.2% | 1.47× | 29.7% | S100YBGN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社デジタルガレージ | Major shareholder | 20.7% | 2026-03-31 |
| ＫＤＤＩ株式会社 | Major shareholder | 17.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.9% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.9% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.5% | 2026-03-31 |
| JPMSPLC CLIENT ASSETS SK JPY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.3% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.5% | 2026-03-31 |
| BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE SEGREGATION ACC FOR THIRD PARTY （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/04/01－2026/03/31) | S100YBGN | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBGN,, |
| 有価証券報告書－第28期(2024/04/01－2025/03/31) | S100VYJ6 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYJ6,, |
| 有価証券報告書－第27期(2023/04/01－2024/03/31) | S100TM8G | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TM8G,, |
| 有価証券報告書－第26期(2022/04/01－2023/03/31) | S100QYX3 | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYX3,, |
| 有価証券報告書－第25期(令和3年4月1日－令和4年3月31日) | S100O8IJ | 2022-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8IJ,, |
| 有価証券報告書－第24期(令和2年4月1日－令和3年3月31日) | S100LJ5Z | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ5Z,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| KDDI | Capital alliance | データ活用・新サービス共同開発の資本業務提携（KDDIが株式を取得） | S100YBGN |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).